It’s Friday and we’ve all made it to the end of another week as the world continues to adjust to the ongoing nervousness in the banking sector. In private-equity news this morning, our colleagues Anthony Harrup and Alexander Saeedy report on a Mexican company’s effort to bring a lawsuit filed against Advent International Corp. to the U.S. courts. Meanwhile, Luis Garcia writes that technology startups in emerging markets are embracing the same kind of capital discipline adopted by their peers in Silicon Valley.

Read on for more details on these and other stories and have a great weekend!

A Mexican company is suing Advent International Corp. in a U.S. federal court, its latest effort to get compensation from the private-equity firm for allegedly defrauding it by overvaluing a funeral-services business sold in 2021, Anthony Harrup and Alexander Saeedy report. Boston-based Advent sold Grupo Gayosso SA, Mexico’s oldest and largest funeral-services company, to Servicios Funerarios GG SA for $224.7 million, according to a legal complaint that Servicios Funerarios GG filed Wednesday in federal court in Massachusetts. Advent had owned Gayosso since 2007.

Slumping valuations for technology companies are making managers at emerging-markets startups direct their attention to capital discipline after years of booming investments and rising valuations that shunted aside cash concerns, Luis Garcia reports for WSJ Pro Private Equity, citing venture-capital fund managers from areas such as Africa, Asia and Latin America that spoke at a recent conference in New York.

Riverside Co. has agreed to acquire two companies in Europe that provide garments and other consumable products used in cleanrooms. The lower midmarket private equity firm agreed to buy Dastex Reinraumzubehör GmbH & Co. KG, a German company that offers garments and other consumables for cleanrooms across Germany, Austria and Switzerland, according to a press release. At the same time, the firm agreed to the platform’s first add-on with Vita Verita, which provides consumable products and equipment for cleanrooms in Sweden.

Apollo Global Management Inc. has agreed to invest $500 million in surplus notes issued by Reinsurance Group of America Inc. subsidiary Chesterfield Reinsurance Co., the buyout firm’s second  deal with RGA, according to a news release. Apollo said the capital involved will come from affiliated insurance companies and related insurance-managed accounts as well as other institutional clients. Apollo, which took full ownership of life and retirement reinsurer Athene Holding Ltd. at the start of last year, didn’t identify the specific sources of the funds involved.

Vista Equity Partners has closed its acquisition of publicly traded insurance technology provider Duck Creek Technologies in an all-cash transaction valued at around $2.6 billion, the private equity firm said in a news release.

Infrastructure investor Global Infrastructure Partners announced in partnership with Peruvian conglomerate Grupo Romero that it is buying 50% of Trabajos Maritimos S.A., a port infrastructure platform in Peru that operates two port concessions in the country. The deal marks a new joint venture that will be co-controlled by Grupo Romero and GIP and the two firms plan to further invest in port- and mining-adjacent infrastructure throughout the Andean region in South America, according to a press release.

Dallas-based private-equity firm Crossplane Capital said it has backed Kaemark, a Giddings, Texas-based company that designs and manufactures millwork, seating and equipment for customers in the salon, spa, medical and veterinary industries.

H.I.G. Capital in Miami said it has acquired heating and air-conditioning services business Synecore Ltd. and building security provider Meesons Futures Ltd. to form technical services-focused Andwis Group, along with portfolio companies CPS Building Services Ltd. and elevator engineering and maintenance company Classic Lifts Ltd. H.I.G. also said it plans to expand U.K.-based Andwis through acquisitions.

Portage Ventures in Toronto, the venture capital arm of alternative investment firm Sagard, led a $40 million growth investment in digital marketing company P97 Networks LLC, joined by existing backers of the Houston-based company. The company’s cloud-based technology is designed to facilitate mobile e-commerce, according to a news release.

Our add-on deal interactive tool allows you to sort and analyze volumes of add-on deal data compiled by WSJ Pro. View more.

Frazier Healthcare Partners, a Seattle-based healthcare focused private equity firm, is selling United Digestive to New York-based midmarket private-equity firm Kohlberg & Co, according to a press release. Frazier initially backed the formation of the Atlanta-based provider of gastroenterology services in 2018, the release stated.

European midmarket investment firm Triton said it has agreed to sell Norres I Baggerman Group, a German manufacturer of industrial plastic hoses, to European midmarket investor Nalka DACH Investments SA SICAF-RAIF. Triton initially backed Norres Baggerman in 2018, according to a press release.

Accel-KKR said it has closed on $5.3 billion across two new vehicles, Accel-KKR Capital Partners VII LP and Accel-KKR Emerging Buyout Partners II LP, wrapping up fundraising for both in roughly six months. Both the firm’s seventh Capital Partners fund and its second Emerging Buyout fund reached their hard caps of $4.4 billion and $920 million, respectively. The firm is investing both in technology and tech-enabled businesses, according to a news release. Investors that have disclosed commitments to one or more of the new funds include Los Angeles Fire and Police Pensions,  Los Angeles County Employees Retirement Association, Illinois Municipal Retirement Fund, Texas County & District Retirement System and Kern County Employees’ Retirement Association.

KKR & Co. Inc. has rounded up at least $2.11 billion so far for KKR Global Impact Fund II SCSp and related parallel vehicles, a regulatory filing indicates. The new impact investment fund already exceeds the size of its predecessor, which closed with $1.3 billion in 2020.

Industry Ventures is seeking $1 billion for its newest venture capital secondary fund, Industry Ventures Secondary X LP, according to a regulatory filing. The fund’s goal is slightly larger than the $850 million that San Francisco-based Industry Ventures raised for its predecessor fund in 2021.

Rich Hall will become chief executive of UTIMCO, the fund that manages $66 billion for the University of Texas and Texas A&M University, the fund said Thursday, Heather Gillers reports for The Wall Street Journal. Britt Harris, who has held the position since 2017, will leave the fund on June 30.

Midmarket firm LongRange Capital said it has hired Andrew Cialino as a principal and head of business development. Mr. Cialino joined the firm from SFW Capital Partners, where he was also a principal and head of business development, according to a press release.

Asset manager GCM Grosvenor is opening an office in Sydney, Australia, and has hired Andy Lukas to lead the firm’s business development efforts in Australia and New Zealand. Mr. Lukas most recently worked at HSBC, where he focused on multistrategy investment solutions for institutional clients, according to a press release.

Orion Infrastructure said it has promoted Jeremy Glick to investment partner and head of its infrastructure growth team. Separately, Orion hired Drew Karian as a managing director and investment principal on the infrastructure growth team and added Ryan Davidson as an associate on the team, according to a press release. Mr. Karian was previously a managing director at energy-focused Riverstone Holdings, while Mr. Davidson worked at TD Securities, the release stated.

Copia Group, a private investment firm focused on lower midmarket companies, said it has added two new managing director-level hires. Todd Schneider joins the firm as chief financial officer and chief compliance officer, while Peter Washington joins as head of originations, according to a press release. Mr. Schneider previously served as CFO and CCO at litigation-finance-focused Delta Capital Partners, while Mr. Washington previously spent 13 years at CapX Partners, an equipment finance firm that was acquired by Accord Financial in 2017.

Ernst & Young has added Konstanze Nardi and Will Rhode to the leadership team of its global private-equity practice, according to a news release. Ms. Nardi is taking on the global private equity exit readiness leader’s role while Mr. Rhode is global private equity ESG leader.

Home goods retailer Bed Bath & Beyond on Thursday launched an effort to sell up to $300 million of common stock while it terminated its previous fundraising deal with hedge fund Hudson Bay Capital Management LP amid a continued decline in sales, Alexander Gladstone reports for WSJ Pro Bankruptcy.

Publicly traded Madison Square Garden Entertainment Corp. plans to spin off its traditional live entertainment business to shareholders, saying that the move is expected to be completed on April 20, Will Feuer reports for Dow Jones Newswires. The spinoff will separate MSG’s entertainment venues like Madison Square Garden in New York from its other businesses, including its regional sports network, Tao Group Hospitality and its forthcoming Sphere venue. Once the separation is complete, the company plans to rename itself as Sphere Entertainment Co.

The collapse of Silicon Valley Bank and Signature Bank is testing Americans’ faith in regional and community banks, The Wall Street Journal reported. The 25 largest U.S. banks gained some $120 billion in deposits in the days after Silicon Valley Bank collapsed, according to Federal Reserve data. All the U.S. banks below that level lost $108 billion over the same period. It was the largest weekly decline in smaller banks’ deposits in dollar terms on record.

Every cyberbug has a backstory, and Walmart is turning to actuaries, insurance experts, accountants and lawyers to help gauge security threats.

McDonald’s is examining the pros and cons of reusable packaging in its restaurants worldwide as the fast-food chain looks to address European laws and serve its fare in more durable containers.

The salaries offered to U.S. accountants and auditors last year climbed at their quickest pace in recent years, but it may not be enough to remedy a national shortage of accountants.

Retailers including American Eagle Outfitters and Nordstrom are using chips to track inventory on the sales floor, gaining insights into customer habits and helping them use stores for online fulfillment.

Binance’s first chief compliance officer, Samuel Lim, is facing civil charges as part of the CFTC’s suit against the crypto exchange. What could this mean for other CCOs?

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Maria Armental; Ted Bunker; Chris Cumming; Luis Garcia; Rod James; Laura Kreutzer; Chitra Vemuri.

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